BANK OF AMERICA

Investor Relations

Bank of America Announces Redemption of Fleet Capital VII Capital Securities

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7.20 percent Capital Securities FBF L 33889V-20-7

CHARLOTTE, Aug 29, 2006 /PRNewswire via COMTEX News Network/ -- Bank of America Corporation, as successor to Fleet Boston Financial Corporation, announced the redemption of its 7.20 percent Trust Originated Capital Securities issued by Fleet Capital VII.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b)

The redemption date will be September 29, 2006 with a redemption price of $25 per security plus accrued and unpaid distributions, if any, up to but excluding the redemption date of September 29, 2006.

Holders of the securities will receive official notice of the redemption by mail. The paying agent for the redemption is The Bank of New York. For more information, holders of the securities may contact The Bank of New York at 1-800-254-2826 or write to The Bank of New York, P.O. Box 11265, Church Street Station, New York, NY 10286 (Attn: Fiscal Agency Department).

Funds for redemption will be deposited with the paying agent on or before the redemption date.

Bank of America Corporation is a bank holding company and a financial holding company. The company provides a diversified range of banking and nonbanking financial services and products in 30 states, the District of Columbia, and 44 foreign countries. The company provides these services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. Bank of America Corporation common stock (NYSE: BAC) is listed on the New York Stock Exchange.

SOURCE Bank of America

Chris Feeney of Bank of America Corporation, +1-704-386-6794, or christopher.feeney@bankofamerica.com